Last year, Starbucks controlled 26.5% of the U.S. coffee and snack shop market, according to research firm IBISWorld.
And there is a lot more competition than there used to be," said Neil Saunders, managing director of GlobalData Retail.
Starbucks cafes have long been a "third place" for customers to work and socialize outside of their home or office.
The consumer is more 'choiceful,'" said Kevin McCarthy, a managing director at Neuberger Berman.
Watch the video to learn more about how Starbucks is trying to address its recent challenges.
Persons:
Neil Saunders, Kevin McCarthy, Neuberger Berman
Organizations:
Starbucks, GlobalData Retail
Locations:
U.S